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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (53890)	7/16/2002 12:06:12 PM
From: Dealer	Read Replies (2) \| Respond to of 65232

Reuters Business Report Techs Hold Gains, Broad Market Cuts Loss By Denise Duclaux NEW YORK (Reuters) - Technology stocks clawed higher and the broad market pared losses on Tuesday as investors weighed a guarded speech from the Fed chairman against a trickle of upbeat earnings reports from companies like Nextel Communications Inc. (NasdaqNM:NXTL - News) "It seems like people are putting money into tech, they are trying to reverse a little of the downtrend that we have seen for the past few weeks," said Jack Schwetje, senior equities trader at Deutsche Bank Securities. Federal Reserve Chairman Alan Greenspan lauded the U.S. economy's resilience in his twice-yearly monetary policy testimony to Congress, but he warned that wounds from corporate scandals and a stock rout will take time to heal. The market slumped minutes after his prepared comments were released, but then struggled back in see-saw trading. Wary investors are sifting through the first wave of second-quarter earnings reports, desperate for signs of a turnaround in battered corporate profits. Nextel Communications Inc. (NasdaqNM:NXTL - News), the nation's No. 5 wireless telephone company, soared almost 30 percent after posting a quarterly profit. The technology-loaded Nasdaq Composite (NasdaqSC:^IXIC - News) headed up 9 points, or 0.67 percent, to 1,391, erasing earlier losses. The blue-chip Dow Jones Industrial average (CBOT:^DJI - News) lost 103 points, or 1.20 percent, to 8,535, after falling more than 2 percent earlier. The broad Standard & Poor's 500 (CBOE:^SPX - News) dropped 8 points, or 0.95 percent, to 909. Nextel jumped $1.48 to $6.48 and ranked as the most active share on the Nasdaq. The company posted a second-quarter profit, driven by strong customer demand that translated to a 25 percent revenue increase. The market is still floundering near five-year lows as fears of more accounting scandals and apprehension over the second-quarter earnings season plague investors. The blue-chip Dow is on track to close down for the seventh session in a row. Intel Corp. (NasdaqNM:INTC - News), the world's No. 1 maker of computer chips, dipped 11 cents to $19.01 ahead of its quarterly results due after the bell. The Dow member and Nasdaq heavyweight may announce massive layoffs or other cuts when posting its results, The Wall Street Journal said. Diversified health care group Johnson & Johnson (NYSE:JNJ - News) perked $2.00 to $51.00, The Dow member said quarterly profits rose 11.5 percent, fueled by strong sales of medical devices and prescription drugs. Caterpillar Inc. (NYSE:CAT - News), the world's No. 1 construction equipment maker, sank $2.00 to $43.19. The Dow member reported lower second-quarter earnings and reduced its full-year forecast as capital spending remains weak. J.P. Morgan Chase & Co. Inc. (NYSE:JPM - News) added more pressure to the market with a drop of $1.48 to $28.60. The No. 2 U.S. bank holding company, scheduled to report second-quarter results on Wednesday, denied rumors in European markets that it was having liquidity problems. (With additional reporting by Doris Frankel)